Polygon MATIC – zkEVM price prediction coming March 27th, so expect an accumulation at these levels

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Ethereum’s leading layer 2 blockchain, Polygon has been struggling with a stubborn bearish wave since the beginning of last week. MATIC price is down 0.9% on the day to trade hands at $1.25 at the time of writing as bulls work around the clock to keep losses from spreading below support set at $1.20.

Most applied technical indicators could favor an extended trend reversal, as we will find out with both technical and macro analysis. Meanwhile, holding support at $1.25 would be the safest bet for bulls to push for the uptrend resumption at $1.60 and $2.00, respectively.

Can Polygon’s zkEVM Launch March 25th Propels MATIC Price Bull Market

The Polygon ecosystem has been committed since its inception to providing “seamless scaling for Ethereum”, the industry’s largest and oldest smart contract network. The launch of the zkEVM testnet in 2022 elevated Polygon’s status as the number one provider of Layer 2 solutions for Ethereum.

According to the latest announcement from the development team, “Now is the time to really start the revolution to unlock the mass adoption and full potential of Web3”. After months of pushing zkEVM to its extreme limits, “Polygon Labs is pleased to announce the launch of Polygon zkEVM Mainnet Beta”, which will take place on March 27, 2023 and will mark the beginning of a brighter future.

The zkEVM testnet hands over the button to the Polygon mainnet after achieving various key milestones, including the creation of over 84,000 wallets, 300,000 product blocks, 75,000 ZK proofs generated, and the deployment of over 5,000 smart contracts, between others.

Polygon Labs believes that “zkEVM testnets have generated unprecedented interest and growth across the ecosystem. Along the way, Polygon zkEVM has only gotten better – faster, cheaper, and more secure. More details regarding the mainnet beta would be released in the coming weeks, with the team maintaining this security as the highest priority.

MATIC price is bleeding but consider this bullish result

Polygon has been under heavy selling pressure since the moment it broke above $1.569. As mentioned earlier, these selling activities are not unique to MATIC, given that Bitcoin is down 4.38% and Ethereum is down 3.34% in seven days. Experts attribute the market slowdown to growing regulatory pressure, particularly in the United States.

Meanwhile, MATIC price support is expected at $1.20 now that the token has slipped below a tentative buyer congestion zone around $1.30 – highlighted by the trendline at higher rise on the daily chart. The 50-day exponential moving average (EMA) (red line) at $1.189 isn’t too far off and may still contribute to the expected uptrend recovery from Polygon.

MATIC/USD daily chart

If the surge comes to an end and the MATIC price breaks below the 50-day EMA, bulls may need to look to the 200-day EMA (purple line) which holds the field at 1 $.00 for bracket. An immediate recovery is highly unlikely due to a strong sell signal as presented by the Moving Average Convergence Divergence (MACD) indicator.

The overpressure would continue to rise above Polygon as long as the blue MACD line holds below the red signal line. Moreover, the direction of the momentum towards the middle line confirms the bearish hold on the MATIC price.

Nonetheless, the launch of Polygon zkEVM on March 25 could act as a catalyst for a bigger rally targeting highs above $2.00. It would not be surprising to see the MATIC price rise to close the gap to $5.00.

Buy MATIC now.

Polygon alternatives to buy today

If you’re looking for other high-potential crypto projects alongside MATIC, we’ve reviewed the top 15 cryptocurrencies for 2023, as analyzed by the CryptoNews Industry Talk team.

The list is updated weekly with new altcoins and ICO projects.

Disclaimer: The Industry Talk section features information from crypto industry players and is not part of the editorial content of Cryptonews.com.

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